If i have a canadian currency deposit that is paying a canadian currency account and a usd account how do I post?

Hi Jonathan

This can be a little complicated but lets see if we can talk it through.

1. Recording payment of an invoice

When recording the payment of the invoice on the Invoicing - Receive Payments screen, make sure the Deposit to box is set to Undeposited funds; this way, you can join the USD receipt of funds to a USD currency later on the deposit screen.

2. Recording the deposit.

From the New > Bank Deposit screen, select the account the funds are being deposited to and the USD currency; this will show the payment of the invoice recorded in step 1 above.  Then create a second deposit from New > Bank Deposit under the account using CAD currency.

3. From the Banking screen, you should then be able to match the above two deposits to the bank-feed deposit.  Note, for things to match up, you may need to adjust the time-of-deposit exchange rate on the USD amount above in step 2.  Also note, if you are receiving the money by wire there may be a fee removed by the bank; this can be accommodated in step 2 above as well on the bottom section of the bank deposit screen by adding a line for your bank fee and using a negative value (typically wires are about $17.50).

Hope this helps!

Hi there jonathanwaugh-to,

It's vital that all your information be properly entered so that your books can be well balanced. QuickBooks Online is a great tool able to help you keep track of transactions so that you can see the financials of your business. I can point you in the right direction for assistance with this transaction affecting multiple accounts.

In order to move the money to multiple accounts at once, you could possibly use a transaction such as a journal entry. To know how you should be making this entry to correctly affect your books, I recommend reaching out to your accountant, as they'll be able to provide some assistance with how this should be entered so that all accounts will be correctly balanced after this transaction. You can invite your accountant to your QuickBooks account so that they can view your books by navigating to the My Accountant tab. You can also find an accounting professional near you by clicking on the Find a pro to help button in that section.

If you have any other questions, feel free to reach out here.